More profit for Navion, but West Navion written down

News - March 6, 2000

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Norway's Navion offshore and shipping company achieved an operating profit before depreciation of NOK 919 million in 1999, up by NOK 197 million from the comparable figure for 1998.

The improvement primarily reflects better results from the offshore loading business.

Ordinary depreciation amounted to NOK 742 million, including NOK 377 million on contracts and goodwill and NOK 365 million on other assets.

This yields an operating profit of NOK 177 million as against an operating loss of NOK 200 million in 1998.

However, outfitting work on the West Navion drill ship has been affected by constant delays and cost overruns, and the company has written down its 50 per cent share in this vessel by NOK 1.2 billion, based on its assessment of market prospects for drillships and an evaluation of its future involvement in drilling operations.

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